Beneficiaries in Ugly Market: Euronext FX Also Posts Record Volumes

Euronext, which operates the biggest pan-European exchange, had a record day of FX trading on March 9, with 54.6 billion worth of currency trades changing hands. At Cboe, parent of the Chicago Board Options Exchange as well as institutional FX platforms in the U.S. and abroad, there was also a significant jump in trading.
In terms of its aggregated monthly turnover,  reported a record $839 billion in March 2020, up 80 percent from the $464 billion that was reported in February. This figure was also higher 90 percent from $441 billion in March 2019.

Meanwhile, the average daily volume on the spot foreign exchange market of Euronext stood at $36.5 billion, up 57 percent compared to February’s $23.2 billion. On a yearly timetable, the figure is higher by 73 percent from $20.1 billion reported back in 2019.
That marks the second consecutive record and the best month ever for Euronext FX, formerly .
Average trading volume for the month prior to February was below the $20 billion mark, but volume jumped to record levels in the last two months on frenzied buying and selling activity. The trading is driven by investor fears that the coronavirus may put a damper on the world economy.
Brokers benefit from boom in trading
Looking for beneficiaries in an ugly market, Euronext numbers also followed stronger trading volumes from as concerns over the economic impact from the coronavirus outbreak sent investors hunting for instruments that limited risk exposure.
So far this month, , FXSpotStream, and have reported new peaks for activity, and all platforms have recorded strong year-on-year growth.
That wave of activity at the exchanges is also pushing up trading brokers’ stocks, despite the downward pressure on the overall stock market. For instance, NASDAQ-listed saw its share price rising from all-time lows hit at $35 last week to close at $43.69.
Most of retail trading firms, including privately held such as , were also likely benefited from the boom in activity, too, reflected at least by their platform’s outages.